Let's get started. So we're super excited to have Jim Eglseder, Senior Vice President of Investor Relations at Corpay with us here today. Welcome, Jim.
Thank you.
Good to have you. I guess to kick things off, can you maybe share a little bit about what's on top of mind of the management team at Corpay for 2026?
Yeah. It's obviously, you know, we're deep in the budgeting process right now. You know, I kinda refer to it as, you know, the annual budget beat-down season at the company. We're operators, and just the organic growth of the company, try setting a plan and setting the underpinnings of that to deliver the 9%-11% organic growth that Ron outlined on the call last month. You know, that's what we're trying to achieve today. Obviously, the growth rates of the businesses can be a little bit different. You know, vehicle payments, that's roughly half the company. You know, it grows at double digits. So if you get corporate payments to grow in that mid-high teens, that'll get you, you know, in that target as it is. So that's where Ron and Peter and the businesses are today, you know, crafting a plan that achieves that.
So that's what we're focused on today.
All right. That's awesome. And I guess maybe looking more to the near term, looking at the fourth quarter, as of the last earnings call, the trends were generally pretty consistent across, across the business segments with improvements, and also you provided a pretty encouraging preliminary 2026 guidance on the back of,
That guidance.
More favorable market packs. Packs set up. And then October trends you mentioned seem to be also supportive of the outlook.
Mm-hmm.
Maybe can you just, it's been a couple weeks, so maybe can you provide an update on what you're seeing across the business now that we're kinda looking heading towards the end of the quarter?
Yeah. There's no meaningful change, sitting here on December 2nd today. You know, we don't have November in yet, but we haven't seen anything that would cause us to feel any different about our ability to deliver the outlook that we gave in 2024. I think the feedback I've gotten across most of, you know, the companies that have been on the conference circuit, we've been out there as well is everything seems to be okay. You know, in spite of the relative consternation, you know, our customer underlying trends are good, aligned with what we had expected. And, you know, the reason Ron brought up the October numbers as well, you know, you got one-third of the quarter in already, and everything is coming in as we would have expected to. So yeah, no real change.
All right. Awesome. It's great to hear, and maybe just moving to the segments and, I guess, corporate payments, the most important one to start with.
Mm-hmm.
So, a lot of exciting developments in the segment across the board. Probably would be great to hit on a couple of key topics first. On the underlying drivers of the strong mid-teens organic revenue growth in the second year to date and line of sight to mid-teens organic growth to 2026. Maybe you can just talk about some of the underlying drivers?
Yeah. I think if you, you know, step back a little bit, a lot of it is driven by the model, right? The revenue retention, the company is 92%. You know, corporate payments, both domestically and internationally, runs, you know, between 95%-99%, generally speaking. You know, so when you have that little attrition, you know, it's quote-unquote relatively easier to create a mid-teens organic growth rate, but it's a customer acquisition game today, Chris. So I think, you know, folks, while we continue to impress upon, you know, our investors and prospective investors that we can be 90%-99% with banks. Banks have all the share today. You know, they have 90%-95% + of all domestic payment flows. They have 90%-95% + of all international payment flows today.
You know, we have, you know, call it between 10 and 20 thousand clients in each of the corporate payments businesses out of 200 to I don't know how many hundreds of thousands of prospective middle market clients there exist around the world. You know, so we don't have any share. You know, so our entire objective is, hey, go out, get the payment files domestically and internationally, and just sign up more customers, right? So if you retain, call it, you know, between 95% and 99% of your revenue every year, you've got a pretty good starting off place for next year. And as long as you invest appropriately in, enough sales and marketing to drive that incremental growth to both offset the leakage and hit the growth rate that you want, that's what the model is designed to do. And it is fairly formulaic.
You know, what your average salesperson produces by time and territory, you know, what you want your growth rate to be, it's almost you stick it into a spreadsheet and, you know, outcome, you know, it spits out, go hire X number of salespeople, invest X number of dollars in additional sales and marketing. I think the other thing that, you know, we continue to get questions on, hey, you name competitor X, Y, and Z, everybody's talking about going after the B2B opportunity. It's easy to say, it's hard to do, and everybody has a different definition of middle market companies. You know, our definition of a middle market company, which is where we focus, is think companies with revenues of $300 million-$500 million, up to $1 billion in revenue. So call it middle market to larger middle market.
You know, some of the peers that we get asked about are super small business or even lower middle market, right? But we're all just competing against banks and trying to chip share away from banks. And our view, you know, over the longer term is that payments, both domestically and internationally, it's just the next thing that banks will have used to own a decade or two down the road. You know, just like the networks, just like the acquirers. You know, I mean, work with a bank, we're at a bank conference. But it's just not what the banks are focused on today.
All right. That's very helpful voloc . And I think you, you often cite, you know, the market penetration by different segments. Can you maybe just recap for us the enterprise versus mid-market versus, I guess, maybe even lower tier? What's the kind of certain penetration? Where do you see it?
Yeah. Usually that's more of a vehicle payments question, you know, as opposed to a corporate payments question, right? If we look at, you know, if you look at the total vehicle payments category.
Mm-hmm.
It's about a third, a third, a third today. It's a third U.S., it's a third Europe, and a third Brazil. Most of the payment statistics that you know we think about and talk about are kind of U.S.-centric, and it's really pretty different by size of fleet. You know, the largest fleets in the country, you know, the big contract carriers that you see the trucks on the road all the time, you know, the delivery companies, they all have a fuel card program, a fuel card provider, and it's either us or our primary competitor, WEX, right? It's not a surprise, but they're big enterprise customers, and they don't pay either of us very much for the service that we deliver.
Yeah.
You know, when you go down market, think, fleets with 25-50 trucks or less, you know, we estimate they're only 40%, at most 50% penetrated with a fuel card as most of those businesses continue to use just a general purpose credit card, and they chase drivers around for receipts and try to make sure they're only buying what they're supposed to be buying, right? So that's where we spend most of our time selling is into that, down market fleet while I think the penetration rates are lower and the economic profile of that client are just better. You know, and that's what we've done for 25 years, and that's what we continue to do.
Obviously, we fell off the wagon a little bit over the last few years as we migrated away from the micro-client segment, and we delivered mid-single digits organic growth for the North America vehicle payments business in the third quarter. We expected to do the same in the fourth quarter, and that's a pretty good jumping-off point into next year, since we're already there, so.
All right. Awesome. Before I go back to the vehicle payments, I think it's a very good segue, but just a couple more corporate payments topics I just wanna follow up on. And also, in the corporate payments that you're seeing, basically you and a lot of competitors serving the middle market are still competing against the banks. That's like the biggest competitor still. Okay. And then I guess in terms of your customer mix, you've mentioned the declining revenue per spend volume in this business as you make the shift towards new payables and cross-border enterprise clients. Maybe can you talk a little bit about how you think about the enterprise opportunity and maybe the trajectory of this metric in the coming years?
Yeah. I think it's important to understand that the focus of the business continues to be 99% Middle Market companies.
Mm-hmm.
Right? Signing up more middle market companies. And domestically, you're trying to get them to do something a little different than they're doing today. You know, 40% of all B2B payments in the U.S. today are still done with paper check, right? Somebody's printing the checks, taking them down to the CFO's office, he's signing them, they get stuck in an envelope with stamp and put in the post, right? To get them to, you know, outsource their AP is a little bit different, you know? So, over the last decade or two, you know, we've been working, maybe not single-handedly, but close to it, to educate companies about the benefits of outsourcing their AP to us, right? On the cross-border side, most companies that have cross-border needs today are already doing that just with their bank.
You know, the largest global money center banks that actually have real capabilities don't really wanna take the call of the average middle market company 'cause there's not enough revenue for them, which is why we found very fertile ground to continue to sell into that middle market space. So, Ron talked to our CFO, our CEO talked about signing up an enterprise client on the AP side earlier in the year. You know, they were trying to solve a different problem. You know, they had multiple AP centers around the U.S., and they were trying to drive efficiency, you know, across the organization to create a better outcome at the corporate level. You know, we had a conversation with them, and, you know, they're largely ramping, I think. You know, he's also talked about $1 billion a month in volume.
Very little of that's carded today, but the opportunity is there. But for us, it's a client acquisition game. This is not a share of wallet game at this point. This is not a take rate expansion game. It's a client acquisition game as we just continue to sign up more clients and put them on our platform. And, it's a bit of a land grab, and I think that's where we're focused today.
If we can pick up an enterprise customer along the way that kind of demonstrates the, you know, the value that, hey, we have a, a program and a product that works for the middle market, but we also have a program and product that works just as well for the largest enterprise customers in the world, you know, that's a pretty good, that's a pretty good placard to be able to walk into somebody's CFO's office and say, "Hey, by the way, you know, we can help both of you, and, you know, we can, we've already proved it.
All right. That's awesome. And I think you've outlined this before, but I think it's pretty important from a longer-term strategic perspective. How do you see the corporate payments business growing from the expected $2+ billion of revenue in 2026 to 5 times that size longer term?
Yeah. I think, you know, one of our CEO's comments on there was a little bit to help folks kind of look up from the trees and look at the forest and look at the opportunity. And, you know, we've grown that corporate payments business, you know, from 14%-15% of the company in 2018 on its way to, you know, 40% + of the company today. And there's no shortage of time or opportunity out there, right? So it's easy to get kind of focused in the day-to-day, the grindy details of, "Okay.
Well, you know, hey, help us understand the confidence, your ability to create, you know, mid to upper teens organic growth next year." Well, the reality is that, you know, we should expect to continue to be able to do that for, you know, certainly over the middle and mid-medium term, maybe even longer because, again, there's no shortage of opportunity. We kind of view this as, shaping up over time a lot like the payroll space, right? 30, 40 years ago, all the companies did their own payroll. Today, nobody does their own payroll. You know, today, most companies pay their own bills, you know, and 20 years, probably very few companies will pay their own bills, you know, and that's the opportunity we're after. So there's no shortage of time. There's no, shortage of share to be taken from the banks.
You know, we think there's no reason with both inorganic and organic investment that, you know, we can't have a much bigger business than we have today.
All right. Awesome. And I guess moving to the inorganic part of the growth algorithm, in terms of the most recent acquisitions, maybe starting with the Alpha Group, can you recap for us what makes this an attractive acquisition for Corpay, in terms of expanding cross-border capabilities and where you'll see the greatest synergies outside of the $200 million of expected revenue contribution?
Yeah. I think, you know, if you look back, you know, since 2017, we're about the original cross-border business. So since 2019, this is the fourth cross-border acquisition that we've done. And historically, it's been mostly about scale. It's more customers. You know, it's the customer acquisition game. We can do it one by one organically, or we can buy, you know, other subscale cross-border providers that have, you know, built something along the way and just add more scale in it. We've also, along the way, picked up, you know, additional geographies, additional products and services. You know, Alpha has a corporate business similar to what we offer today, but they also have a global bank account business that they've been able to grow from 0 to $3 billion in deposits over a few short years, right? It sells quite well.
They were only able to sell that in Europe 'cause that's the only place they were licensed, and they were able to build a pretty good business. It was pretty attractive for us. You know, we already have the licenses necessary to sell that in the U.S. and Asia-Pac, you know? So now that we've closed the deal, we can go to market immediately to sell that going forward. So the revenue synergy opportunities are probably bigger and more exciting with Alpha. They've been with just about any other acquisition. But we also have just the core synergies as we migrate their corporate customers onto our platform and then, you know, rationalize the expenses on the back end, you know, in the second half of the year. So you look at it, you get scale, you get, you know, a little bit of incremental capabilities.
You got this brilliant new virtual bank account product that is selling quite well and quite attractive to, you know, not just corporate clients, select corporate clients, but the financial institutions as well, you know. And this is with the right opportunity for us.
All right. And the next one, not technically an acquisition, it's more of an investment, significant investment in AvidXchange where you took a one-third of the stake and then, I understand you may or may not in the future to acquire the rest of it. What's your plan there? And maybe can you remind us what you're looking to see from AvidXchange that would.
Sure.
Encourage you to buy or not buy? And then, how can your current AP business benefit from the added scale?
Yeah. I mean, again, it's not dissimilar to what we do on the cross-border side. You know, it's scale, right? We can do it individually, organically, in mid-teens more slowly over time, or we can use our, you know, significant free cash flow generation to buy incremental scale. Now Avid does run a middle market and kind of a lower middle market business in slightly different verticals than we do today. We've looked at them, you know, over the years as a potential acquisition target. But unfortunately, their profitability and their growth profile looked a little different than our profitability and growth profile of our corporate payment segment today and the overall company. You know, so we partnered with TPG to take them private. That deal closed, roughly five or six weeks ago now.
Ultimately, our intention in that partnership and that take private with TPG is we expect to own this business at some point down the road. We have the right to buy it at a fixed price anytime within the next 32 months, 33 months at the close. What we're really looking for is for the profitability of the company to meaningfully improve and the growth profile of the company to meaningfully improve. It doesn't have to get where we are today from a corporate average margins perspective, but it needs to show progress on its path to getting there. You know, we expect to own this asset at some time. Otherwise, we wouldn't have done it. You know, it would've been diluted by both the organic growth rate of the segment and also the EPS of the company.
We didn't feel that that's, you know, what we would want, much less what investors would want at any given time. We also wrote a roughly $2.5 billion check for Alpha. You know, it was the second largest deal in the company's history. To write two $2+ billion checks at the same time, well, it's a lot, you know? We can partner with TPG. They can go in and do the things necessary to improve profitability and the growth profile of the company. Over the next 32 months, if it starts to progress along the thresholds that we know and believe it should be able to, you know, then we'll likely hit the bid button on that time.
But you know, it is a pretty nice way to kind of sequence the transactions.
Yeah.
Without impairing our, you know, ability from a leverage perspective or appetite perspective otherwise, so.
All right. Awesome. And I guess lastly, can you talk about the Mastercard transaction to take things the other way around? And then what's the expected financial impact in 2026?
Yeah. So, Mastercard, we announced over the summer that Mastercard was gonna invest $300 million in our cross-border business. That deal closed this week, right? So, we now have the ability to, we've already been going to market with Mastercard to talk to new banks and financial institutions, think regional banks and below, about meaningfully improving their cross-border capability, right? When you look at the cross-border landscape, you know, there's a handful of global money center banks that have real broad cross-border capabilities other than just sending payments via SWIFT through the correspondent bank network. You know, our pitch to these banks who, you know, Mastercard is facilitating the conversations to, they may not take our call 'cause they view us as competitors. They're gonna take Mastercard's call, and they're gonna walk us in and facilitate a conversation on how we can meaningfully improve their cross-border capabilities.
We already have a handful of smaller banks as clients today. We work with some of the processors, you know, as a white label solution to provide that cross-border capability today. So we think it'll be attractive to, you know, a number of banks that are on our target list. And, you know, now that it's closed, you know, we would expect to, you know, close one or two of these, you know, here, maybe, towards the end of the fourth quarter, end of the first quarter. And, you know, we've talked about, hey, maybe this could be a couple points in incremental growth on the cross-border business over time. You know, so you think about it, you know, most banks spend most of their investment dollars on the consumer side of the bank.
What few dollars are left on the commercial side for investment probably isn't going into the cross-border side of things, and we can help those banks keep some of their best customers whom for longer, maybe even forever, who might otherwise get to the point where they outgrow what those regional and smaller banks can do for them, and then they go across the street to one of the large money center banks and they're like, "Fine, we'll help you, but you need to bring your entire relationship over here." So our pitch is, hey, use us from a white label or referral, partnership perspective. We can help you keep that customer for a lot longer and is oftentimes probably one of their best customers that they want to keep.
All right. That's, that's awesome. Lots of things to look forward to.
Yeah.
In this segment alone.
Yeah. So just before we move along, you know, obviously, you know, in cross-border, before we just had corporates, which there was plenty of opportunities for corporates. And now we have corporates. We have financial institutions. We have asset managers and PE funds, with the global bank account product and digital currencies, which I'm sure we'll get to. You know, there's no demand for it today from our corporates. We have the capabilities. This is not new to us, you know, stablecoins, if you will. We've been investing in this for 18 months now, you know? So it was a bit of you need to build it because they will come. It's been built. You know, we can work with our clients today.
You know, there's no real benefit in G20 currency corridors for a stablecoin versus what we can do on a proprietary transaction or a SWIFT transaction today. It's not cheaper. It's not faster. It's not any more secure. You know, there are use cases for it that we've talked about, but we see it as an incremental opportunity for us as we continue to aggregate more of those flows and just use it as another rail to move liquidity around the world, so.
All right. Makes total sense. I guess moving to the next big segment, vehicle payments.
Mm-hmm.
The segment accelerated to 10% year-over-year organic growth in Q3. It was supported by a return to mid-single-digit growth in the U.S. business.
Mm-hmm.
Maybe can you talk about the improvement in the results in the segment, compared to the last couple quarters?
Yep.
Maybe just recapture expectations for next year.
Well, we haven't given guidance for 2026 yet, but when you look at it, most of the conversations that we've had this year are, hey, you know, Brazil continues to do quite well. As I said before, it's a third, a third, a third. It's a third, North America, a third Europe, and a third Brazil, right? So Brazil continues to grow at high-teens rates. International or Europe continues to grow at high-single-digit rates, and that's what they've grown at for the last several years. But U.S. vehicle had gone from being a consistent quality grower to, you know, being a problem child as we've talked about it, right? We had made the conscious decision to move away from a micro-client segment that had been quite good for us because we saw a bad debt spike.
And, you know, we did that several years ago, and it's taken us longer than we would have expected to rebuild the sales function into a place where it can create enough absolute new revenue dollars to create the growth profile of that, part of the segment that we would have expected. You know, so all year, I've answered questions. We've answered questions. Hey, what gives you confidence in your ability to get there? Well, it's math. We could see it. You know, we talked about the couple hundred basis points of retention improvement that we saw in the second quarter. We feel that's a durable improvement, right? We just have a slightly larger, better, higher quality, more durable customer base today. And we're finally getting to the point where we have enough sales resources producing enough new sales, to create the growth rate of the company.
We've talked about a couple of enterprise customers that we won as well as just an indication of the overall health of the business. You know, it wasn't a meaningful driver of the improvement, but it was really just signing up enough new volume, better retention rates that caused the business to inflect to mid-single digits. You know, we printed a 5% for that part of the segment in the third quarter. We expected low-single digits in the fourth quarter. You know, as we kind of sketched out, the 9%-11% expectations for next year, all the business that we have today pretty much just need to keep doing what they're doing today. And how do we do that?
Well, you invest enough in additional sales and marketing to deliver, you know, the great rate growth rate that you would have expected. And that's, you know, as I started that I mentioned at the start of this, it's the advantages of the model. So as long as some of the inputs or the underlying factors don't change, which we wouldn't have expected them to, you know what the investment needs to be to create the outcome. And then, you know, that's what gives us our confidence in our ability to do that. Still have to execute, right? But you're not, you're not trying to fix something to get it back on, you know, onto the trajectory that you need to be on. It's already on the trajectory now. You just have to keep it there. It's an easier place to start from, so.
All right. That's helpful. Then regarding some of the M&A candidates in the segment, maybe can you just share some of the additional context in terms of the business profile, growth profile, and what makes them potential acquisition candidates and what are you looking to get?
Yeah. Earlier in the year, we talked about, you know, potentially divesting a couple of non-core, vehicle payments assets, in the international segment, right? They're good quality assets. I kind of describe it as, hey, you know, you have core and super core inflation. Well, we have super core businesses like fuel cards, and then we have core businesses which are still, you know, vehicle related, but they may not be the, you know, they're certainly not the core fuel card opportunity. You know, we've seen some other assets in and around these, businesses that traded at some pretty good prices. And we're like, well, hey, if we can get that price, you know, maybe it makes sense to kind of take some of those proceeds and remix it into more corporate payments. You know, that was the thought earlier in the year.
You know, we knew we were gonna write a big check for Alpha, which we did, and, as Peter, our CFO, said, we expect to, you know, end the year, call it, 2.8 times leverage, after you account for the incremental debt and the checks that we wrote there as well, right? So originally it was, hey, what happens if another acquisition opportunity came down the road that we wanted to do shortly after we did that deal? Where would the liquidity come from? You know, so we looked at some of these assets, and our books are in the market today. You know, first round bids were due back, you know, last week, this week, or something along those lines. And if we can get some decent prices for them, they grow, you know, at or slightly better than that part of the business average.
You know, the profitability of them is quite good. But, you know, today, given where the stock trades, well, maybe it doesn't make more sense to go back and go use that liquidity to look for other acquisition opportunities. It might make more sense to buy back shares at the current valuation, right? So, you know, we're not liquidity constrained. It was never done or considered to need to be done to be able to buy Alpha. It was really, okay, how do you create, you know, the most flexibility after that deal closes, to make sure that you're in a position to be able to do what you think is right for shareholders and what you want to do.
All right. That makes sense. And so, looking forward to the update. And I think from last call, I think you shared it's probably you're probably gonna see some outcome within 90 days of the earnings call.
We'll know a lot more, you know, in 90 days when we talk in February, whether it's, hey, you know, what the likelihood is of one or both of those things closing or the initial bids weren't what we expected them to be. And we're happy to keep those assets, but we'll know a lot more when we talk in February, so.
All right. And it's not contingent upon being able to sell both of them at the same time, right? You can.
Yep. There's two separate processes. One's larger, one is smaller. You know, obviously the smaller ones are easier to—the checks are smaller and easier to get done. But, you know, we'll see. We're not running a fire sale. These are still very good businesses that we're happy to continue to own. But, you know, if there's an opportunity to remix faster towards more corporate payments and/or, you know, buy back more shares of a high-quality company at low valuations, well, you know, that could make more sense, so.
All right. Thanks a lot for the color. And I guess maybe quickly touch on a lot in, what are some of the steps you're taking to maybe revert the sales back to the level it was in 2023? Or maybe like if it turns out to be a, like a sector of slower growth business, what will help you make the decision of whether to keep the business or divest it at some point?
Yeah. I mean, this is, it's just a lack of sales. You know, we just haven't been able to recreate or regenerate the sales effectiveness necessary to drive the growth we would expect in that business. We've owned that business since the company went public in 2010. You know, until the last couple of years, it's been a double-digit, sometimes even a 20% grower over that time. You know, certainly the last couple of years, that has not been the case. We think it's mostly a U.S. problem, right, as we continue to work and reinvigorate, you know, the go-to-market activities, getting the right salespeople in place, getting the right sales motion in place. We believe we can get that back to double digits.
But to your point, as Ron mentioned, I think on the May call, in response to a question, we're not interested in owning a business that can't grow double digits. So, you know, if we run another year forward and we don't feel that we're on a trajectory to achieve that, you know, we could make a different outcome. It's still a great business. You know, it runs at better than corporate average margins. You know, it continues to be a drag on the overall results. But, you know, it's we need to do with it what we did with U.S. vehicle and get it back to a place where it's just consistently producing results that are in line with expectations so we don't have to keep talking about, okay, what's the problem and what are you gonna do to fix it?
All right. That's awesome. And then maybe just picking up back up to the corporate level, in terms of capital allocation, I guess just between investing sales growth, other M&A opportunities and share repurchases, you've certainly touched on some of these. And I guess, from just your recent conversations with the investors, what are some of their views on where they want your leverage to be, whether there's an appetite for that to go above three times or maybe go lower? Yeah.
Yeah. As we kind of think about, you know, capital allocation, right? You know, this year we're gonna generate in the order of something about $1.5 billion in free cash flow. And from a technical free cash flow definition, there is some volatility there. So we use adjusted net income as a proxy for free cash flow, right? So think $1.5 billion or so. And, from a capital allocation standpoint, we already invest organically, what we think is the efficient frontier. You know, the idea is to deliver 90%, 11% organic growth, and to be able to do that consistently over time. That's what we're trying to build plans to do that today. Generally speaking, the next and highest best use of every incremental capital dollar is in a creative M&A, right? We're good at it.
We've done roughly 150 deals in the company's history. It's a comparative advantage for us, and, you know, we've been able to create a lot of value on that. But as I kind of describe it, the last gating factor, you know, when Ron and the board are deciding on whether or not to do a deal is how do we feel about paying you a relatively high multiple for your subscale asset versus buying back my own high-quality company at this is trading at relatively lower valuations. You know, sitting here today, you know, that bar is much higher, you know, for incremental deals. So I think, you know, would expect us to be, you know, much more, buyback heavy, you know, in this type of environment where the valuation relative valuations are, are where they are today. But we're not constrained.
You know, we have the ability to do both. You know, certainly delevering is another option. You know, that's probably the least likely outcome, even though that's likely how we will give our outlook next year is assuming delevering, right? And oftentimes, we would, most of the time we would only delever in anticipation of doing another deal where we need the incremental capital, right? So, we get very high marks for our capital allocation history and diligence in creating significant value and being opportunistic and buying back shares when it makes the most sense and buying, you know, companies that create incremental growth going forward when it makes the most sense. So we can do both.
All right. Awesome, Jim. So I'd like to open this up for any audience Q&A. If you have a question, feel free to raise your hand. If not, I have a final follow-up for Jim. All right. I guess you've had – we had a dinner so well attended last night and a lot of investor conversations. Is there anything you feel it's still misunderstood you wanna emphasize or?
Yeah. I think for us it's, you know, probably the biggest thing is, hey, if we deliver 10% organic growth this year like we would expect to do, well, if you look back over the last five years, we've done that for the last five years. Yet we continue to get tons of, or not tons, but some questions on the durability of the organic growth model going forward. You know, I think it is a bit misunderstood of just the, you know, the durability of the, economic model, the businesses, the highly recurring nature of the businesses today that generate a lot of cash that provides a lot of optionality. You know, so it's something we've done since, the company went public, in 2010 and since before that. And we would expect to continue to be able to do that, going forward.
Ron, our CEO's run the company for 25 years. He's not going anywhere. You know, he's the, you know, the glue, if you will. And you know, for us, that 9%-11% is kind of the benchmark. You know, the ability to deliver that, with some operating leverage and significant free cash flow gives you the ability to, you know, deliver EPS growth at mid-teen to plus. And that's what we're trying to achieve.
All right. Perfect. Thank you so much, Jim.
Thanks, Chris. Thanks .
That was it.
Appreciate it.